As the impacts of the COVID-19 outbreak affect the world around us, we at PHB would like to explain where we are as a company.
Recently, the United States, Canada, and Mexico reached an agreement to revise the 25-year-old North American Free Trade Agreement (NAFTA). The USMCA, or “NAFTA 2.0.,” has been finalized, and in this updated agreement, the goal is to have more car and truck parts made in North America to qualify for zero tariffs. Ultimately, the USMCA will require the supplier-to-OEM relationship to be much stronger and closer than in the original NAFTA. Companies like PHB Corp., a U.S. die casting manufacturer for the automotive industry, understand that their strategic advantages over other U.S. and Mexican suppliers make them more proactive in preparing for the new marketplace rules.